AB InBev (BUD) stock price had a difficult performance in 2023 as the company went through a public relations disaster, leading to massive boycotts in the US. At the time, the company’s flagship product, Bud Light, lost its market share to Modelo, owned by Grupo Modelo, a company that AB InBev owns.As a result, the BUD stock price plunged from a high of $66.28 in May to a low of $51.64 in October.AB InBev came under fire from the American right and left in 2023. The crisis started on April 1st when Dylan Mulvaney, a transgender teen, posted a video promoting the company’s Bud Light.The right criticised the company for promoting transgenderism in the US. On the other hand, the left blasted the company for ‘distancing’ itself from the crisis. It also suspended the marketing officers responsible for the marketing campaign.In the aftermath, many people started to boycott Bud Light and other beer brands by the company. Recently, however, there are signs that the company is regaining its market share in the US. As I wrote here at the time, boycotts rarely work in the long term.This is evidenced by AB InBev’s stock price performance. After falling by over 20% after the crisis, the stock has bounced back and is nearing where it was in April 2022. This recovery intensified after the company published better-than-expected third-quarter results, which showed that it was weathering the storm well.Its revenue rose by 5% to $15.57 billion, better than its previous guidance of 4.7%. It also announced a giant $1 billion share buyback and a $3 billion bond buyback as it worked to delever its balance sheet. While AB InBev’s revenues in the US dipped by over 13%, they were offset by its international markets. BUD stock vs S&P 500 vs TAP vs STZ chartWhile BUD stock has recovered well from its lowest level in 2023, it has still underperformed the broad US market. As shown above, the S&P 500 index has risen by almost 16% since the crisis started. It has also lagged other beer stocks in the US like Boston Beer, Constellation Brands, and Molson Coors.More By This Author:The Nasdaq as a sneaky predictor of 2024: an exclusive interviewCramer Reacts To Eli Lilly’s Telehealth Service For Weight-Loss Drug Home Depot Stock Named A ‘Top Pick’ For 2024